News

Following its second Validation, Afghanistan has made meaningful progress in implementing the EITI Standard. The country has improved its transparency of licenses and contracts, state-owned enterprises and quasi-fiscal expenditures. As a result, Afghanistan’s temporary suspension has been lifted.

EITI Validation will take a new approach, placing more focus on the role of multi-stakeholder groups and on embedding EITI disclosures into existing government and company reporting systems.

At a meeting on 15 October 2020, the EITI Board agreed to introduce a new way of assessing how countries progress towards implementing the EITI Standard.

Statement from Rt Hon. Helen Clark, EITI Board Chair

The transition to a sustainable, decarbonised economy is reshaping the extractive industries. In view of the profound implications of transition for the kinds of data, disclosures, and dialogues required to support accountability and good governance in implementing countries, the EITI Board discussed the role of the EITI in the energy transition at its meeting earlier this week.

The EITI Board has approved Ecuador’s application to join the EITI, making it the 55th implementing country and the 11th in Latin America.

“EITI implementation can underpin the modernisation of Ecuador’s regulatory framework in the extractive sector, and help ensure that the development potential of extractive revenues is realised,” said EITI Board Chair Helen Clark. “We welcome Ecuador as an implementing country and look forward to the EITI promoting transparency, accountability,

The Lundin Foundation has become a supporter of the Extractive Industries Transparency Initiative (EITI), joining over 65 mining and oil and gas companies, commodity traders and financial institutions which support the organisation. Companies contribute to the international management of the EITI and advance its mission, observing the Expectations for EITI supporting companies

The EITI today released new reporting guidelines for companies buying oil, gas and minerals from governments. The guidelines promote a consistent approach to the disclosure of payments to states or to state-owned enterprises.

The scale and economic significance of payments for these commodities make them a matter of public interest. In-kind payments alone make up almost half of total government revenues declared through the EITI – approximately USD 1.2 trillion to date.

The Angolan Government has formally notified the EITI of its intention to join the 54 countries already implementing the EITI Standard. In a letter to the EITI Board Chair, dated 14 September 2020, the Minister of Mineral, Oil and Gas Resources, Diamantino Pedro Azevedo, outlined steps already taken towards EITI implementation. These include signature of Presidential Order 117/20, appointing the Minister to the role of President of the National Coordination Committee of the EITI,

The Republic of Congo has made meaningful progress in implementing the EITI Standard, with significant improvements in transparency of state-owned enterprises, oil sales and license information. Validation, the EITI’s quality assurance process, found that the Republic of Congo’s performance in implementing EITI Requirements has improved markedly since the country’s first Validation in 2018.

EITI supporting companies are breaking new ground with public country-by-country reporting

Oil, gas and mining companies currently disclose detailed information about payments to governments in 54 EITI implementing countries. Extractives companies based in the EU, Canada and Norway are also required to disclose information on government payments from their global operations.

For countries with limited access to credit or capital markets, resource-backed loans are a way of raising funds for infrastructure and development projects. These loans are negotiated by governments or government-owned companies against future production of a country’s natural resources.

The sustainability of such agreements is hotly debated. The latest EITI “Transparency Matters” webinar explored the opportunities and challenges that resource-backed loans pose for resource-rich countries.

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